In many countries, financial crime involving indentity theft is increasing. What are the causes of this trend, and what effect does identity thefts have on the victims involved ?

It is true that identity fraud is a throny issue that many people have been confronting. There are a number of reasons behind this situation, and it could have several impacts on people’s lives as well as society. To begin with, there are several causes why cybercrime is gradually becoming common. The first culprit is the prevalent application of digital technology to store data and implement online financial transactions. To illustrate, a large number of individuals has been using Internet banking or online shopping applications on mobile phone as a daily habit due to its convenience. Also, some innocent users lack experience in mastering these applications. Thus, this phenomenon could certainly be breeding grounds for indentity criminals. Another reason is that financial corporations are short of adequate security systems. Consequently, criminal hackers could take advantage of this gap in order to attack the information system of companies. There is no shadow of doubt that cybercrime has brought numerous problems. The most obvious consequence of identity theft is victims’psychological fear in the long term. For instance, a customer whose identity has once leaked out when he carried out online banking transactions might feel quite worry every time he experiences online banking service. Therefore, he could not prioritize to use online services requiring the access privilege of personal information. As a result, the number of online users might be more likely to go down, which affects th e great development of digital technology in today’society. Another consequences involved is the loss of money from bank accounts. In some cases, this unfortunate event could take victims a long time to recover their losses. In conclusion, the presence of technology, inexperienced users and the insecurity of information schemes are contributers to the issue discussed. It has already had some damaging effects, both on people’s lives and society.